<
https://www.reuters.com/business/environment/major-world-economies-seek-halt-new-private-sector-coal-financing-2024-06-07/>
'BRUSSELS/LONDON, June 7 (Reuters) - Some of the world's major economies want
to finalise a plan ahead of this year's U.N. climate summit to halt new private
sector funding for coal projects, five sources with direct knowledge of the
matter told
Reuters.
If approved, the draft proposal by the Organisation for Economic Co-operation
and Development, would be the first move by a multilateral institution to curb
financing for coal, one of the biggest causes of climate change, which produces
more carbon dioxide emissions than oil or gas when it is burned for energy.
The draft plan, which aims to set a "gold standard" policy for how financial
institutions approach coal, instructs investors, banks and insurers to halt new
financing to existing or planned coal projects, and end funding to companies
building coal infrastructure, the sources said.
Under the plan, financial institutions would fund the early retirement of coal
plants, rather than divest from these assets. And early closures of coal-fired
facilities should be matched with financing for clean energy to replace the
lost coal capacity.'
Via
Fix the News:
<
https://fixthenews.com/good-news-democracy-india-reproductive-rights-ozone/>
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
